Question 1

Can I qualify with either loan using one account?

Accepted Answer

Yes, for bank statement loans one account works fine. For P&L loans, the account structure doesn't matter — your CPA's statement drives it.

Question 2

Which loan has stricter credit requirements?

Accepted Answer

Both are non-QM and lender guidelines vary. Most lenders want at least a 640 credit score, but some go lower depending on the loan size.

Question 3

Do both loans work for purchase and refinance?

Accepted Answer

Yes. Both bank statement and P&L loans are available for purchases and refinances, including cash-out in most cases.

Question 4

What if my CPA won't prepare a P&L for a mortgage?

Accepted Answer

Some CPAs are hesitant. If yours won't, bank statements are your cleaner path — no third-party sign-off needed.

Question 5

How do lenders handle business expenses on bank statements?

Accepted Answer

Lenders apply an expense ratio — often 50% for sole proprietors. Net deposits after that expense factor becomes your qualifying income.

Question 6

Are these loans available for Del Mar's higher price points?

Accepted Answer

Yes. Non-QM lenders often go up to $3M or more. Del Mar's price range is well within reach for both programs.

Bank Statement vs P&L Loans in Del Mar